[Federal Register: July 5, 2005 (Volume 70, Number 127)]
[Notices]
[Page 38680-38681]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr05jy05-56]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Submission for OMB
Review; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice of information collection to be submitted to OMB for
review and approval under the Paperwork Reduction Act of 1995.
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SUMMARY: In accordance with requirements of the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it
plans to submit to the Office of Management and Budget (OMB) a request
for OMB review and approval of the information collection system
entitled ``Account Based Disclosures in Connection with Federal Reserve
Regulations E, CC and DD.''
DATES: Comments must be submitted on or before August 4, 2005.
ADDRESSES: Interested parties are invited to submit written comments.
All comments should refer to ``Account Based Disclosures in Connection
with Federal Reserve Regulations E, CC and DD, 3064-0084.'' Comments
may be submitted by any of the following methods:
http://www.FDIC.gov/regulations/laws/federal/propose.html.. E-mail: comments @FDIC.gov. Include ``Deposit Broker
Processing, 3064-0143'' in the subject line of the message.
Mail: Leneta G. Gregorie (202) 898-3719, Counsel, Room MB-
3082, Federal Deposit Insurance Corporation, 550 17th Street, NW.,
Washington, DC 20429.
Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 17th Street Building (located on F Street),
on business days between 7 a.m. and 5 p.m.
A copy of the comments should also be submitted to the OMB desk
officer for the FDIC: Mark Menchik, Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, DC 20503, or by electronic mail
to mmenchik@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: Leneta Gregorie, (202) 898-3719, or at
the address above.
SUPPLEMENTARY INFORMATION:
Proposal To Revise the Following Currently Approved Collection of
Information
Title: Account Based Disclosures in Connection with Federal Reserve
Regulations E, CC, and DD.
OMB Number: 3064-0084.
Affected Public: State chartered banks that are not members of the
Federal Reserve System.
Information About the Collection and Proposed Changes to it: This
FDIC information collection provides for the application of Regulations
E (Electronic Fund Transfers), CC (Availability of Funds), and DD
(Truth in Savings) to State nonmember banks.
Regulations E, CC, and DD are issued by the Federal Reserve Board
of Governors (FRB) to ensure, among other things, that consumers are
provided adequate disclosures regarding accounts, including electronic
fund transfer services, availability of funds, and fees and annual
percentage yield for deposit accounts. The FDIC is providing this
notice in order to keep its Office of Management and Budget (OMB)
[[Page 38681]]
approved information collection consistent with changes the FRB
proposed to Regulation E, 12 CFR part 205, (69 FR 55996, Sept. 17,
2004). Currently, Regulation E requires respondents to provide
disclosures of basic terms, costs, and rights relating to electronic
fund transfer services.
If the proposed changes to Regulation E are made final, State
nonmember banks will need to modify their Regulation E disclosures to
provide initial disclosures that electronic check conversion
transactions are a new type of transfer that can be made from a
consumer's account. The FDIC estimates that it will require
institutions, on average, one business day to reprogram and update
systems to include the new notice concerning electronic check
conversion disclosure to their ongoing Regulation E disclosure
requirements. The one-time burden would be 42,400 hours (8 hours x
5,300 respondents).
If the proposed changes to Regulation E are made final,
institutions involved in offering payroll card accounts will be
required to ensure compliance with Regulation E and provide disclosure
of basic terms, costs, and rights relating to electronic fund transfer
services in connection with the payroll card account. Certain
information must be disclosed to consumers, including: Initial and
updated electronic fund transfer terms, transaction information,
periodic statements of activity, the consumer's potential liability for
unauthorized transfers, and error resolution rights and procedures. The
disclosures are standardized and machine-generated and do not
substantively change from one individual account to another; thus, the
average time for providing the disclosure to all consumers should be
minimal.
The FDIC estimates that five State nonmember banks participate in
payroll card account programs and that each institution will make
approximately 5,000 disclosures which will require an average of 1.5
minutes per disclosure to prepare and distribute, resulting in 625
hours of annual burden. The FDIC estimates that the five institutions
will take, on average, 7 hours to prepare and distribute 12 periodic
statements for an annual burden of 420 hours. The FDIC estimates that
the five respondents will take, on average, 30 minutes for eight error
resolution procedures for a total of 20 hours. The payroll card account
disclosures would add 1,065 hours of ongoing burden to the current
annual Regulation E burden of 28,930 hours.
At this time, the FDIC does not believe that any State nonmember
banks are engaged in electronic check conversion transactions as a
merchant or payee. The FDIC is not proposing to make any changes to the
Regulation CC or DD parts of the OMB approved information collection.
The FDIC's burden estimate is based on the FRB's proposed rule; we will
adjust it as necessary to make it consistent with the FRB's final rule.
Request for Comment
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the FDIC's functions,
including whether the information has practical utility; (b) the
accuracy of the estimates of the burden of the information collection,
including the validity of the methodology and assumptions used; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the information
collection on respondents, including through the use of automated
collection techniques or other forms of information technology. All
comments will become a matter of public record.
Dated in Washington, DC, this 28th day of June, 2005.
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 05-13115 Filed 7-1-05; 8:45 am]
BILLING CODE 6714-01-P